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« Gold Shares to Outperform Gold by 5:1 | Main | Germany Votes 319 to 73 in Favour of Eurozone Bailout »

Jim Rogers Stunned at European Bailout

Jim Rogers on aljazeera 24 May 2010.jpg

Jim Rogers on aljazeera

The european bailout or stabilization fund as it is known, is a nail in the euros coffin in our humble opinion. However, Jim Rogers says that he was not surprised but stunned by this latest move by the eurocrats to prop up Greece and possibly other countries who have been living way beyond their means for far too long.

Jim describes this latest bailout as erosion from the inside for the euro. When we consider that Greece is only 2% of the eurozone economy, which we have mentioned in the past, you have to wonder why they are going to such lengths to keep the Greeks in Europe.

We agree with Jim that Greece should have been set free to start over.

Jim Rogers appeared on frost over the world, aljazeera May 14, 2010, to see this clip please click here.

Another notable term that comes up is that this is socialism for the rich as the people, ordinary citizens, are now required to foot the bill for failed banks. We wrote about this some time ago in an article entitled 'Pretend Socialists gift £50 bln to Pretend Capitalists! On April 22nd, 2008, when we said:

The Bank of England confirmed the introduction of a “special liquidity scheme” whereby Treasury Bills will be swapped for high quality AAA rated mortgage backed securities. The Labour party that once represented socialism in Britain, is now coming to the rescue of poorly managed private banking enterprises. This gift to these banking failures is disguised as a loan with the people of Britain picking up the tab for the banking sectors grave mis-management.

Heads should roll!

Nothing had changed, its just the numbers that are getting bigger and the harder it is going to be to dig ourselves out of it, we are looking down the barrel of decades of austerity if things don't change.

Silver and gold prices are going higher, stay with them.

Have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

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Accumulated Profits from Investing $1000 in each OPTIONTRADE signal 14 May 2010.jpg

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Reader Comments (2)

With all due respect to Jim Rogers, what's being described as a bailout of the Greeks is nothing of the sort. What it really is, is a bailout of the northern European banks that are on the hook for massive losses in the event the Greeks default. The Germans and the French, in my opinion, couldn't care less about the Greeks, but they care a great deal about the German and French financial sector, and their own economies if that sector has to absorb huge losses.

Similar action will probably be required as we go forward with regard to Portugal, Italy and Spain, but probably not Ireland.

You would be hard-pressed to convince the Greek people that they've been "bailed out," as life in Greece will become very lean, I fear, for quite some time.


May 24, 2010 | Unregistered CommenterTaoJones

Like Bob Hoye says about Jim Rogers "when he was right?" or like Jack Crooks says "Jim Rogers can also be wrong"
I am putting a few shorts here on silver at 18.02. Seems that the upside is limited to 18.10 If it is not going down this week, next week certainly will. Charts are clearly bearish, but market can take a while before plunging. Hold on to your shorts is all that i can say. And stops at 1250 in gold and 19.20 in silver. This wave down on precious metals is going to be the first one, so you won't have days like 100 buck drop in Gold, until 2011, anyway few bucks is still money.

May 24, 2010 | Unregistered CommenterDi

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